No Plan = No Ca$hMar 28, 2022
Every successful business has some sort of a plan to make money. If there is no plan, that business won’t be around long.
According to the U.S. Bureau of Labor Statistics (BLS), approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.
Wow. That’s daunting.
The reasons for this big failure rate can be contributed to a few things:
- The business didn’t do their research to ensure the product or service was viable…in other words, people didn’t want or need what that business had to sell.
- The business wasn’t flexible enough. Covid proved to us that unless businesses got creative in regards to product or service delivery, people couldn’t and wouldn’t buy if it wasn’t easy.
- Lack of financing is another big one.
- No solid business or marketing plan.
I talk with business owners all the time, and one thing I see over and over again is that there’s no plan to market the business.
It’s willy-nilly at best.
You know what I mean…. No real marketing strategy in place to address various times of year and what to promote during those times. No real content marketing plan for how to promote the business on social media or even on paid ads. No system in place to meaningfully connect with current and potential clients regularly.
Most business owners have what I call the “shotgun approach” to marketing versus the “rifle approach.”
The shotgun approach is to pull the trigger and bullets spray everywhere. There’s no target. There’s strategy except just to wait and see what happens.
The rifle approach is very targeted. There’s one bullet and one target. You have to aim. You have to practice that aim. Once you pull the trigger, that bullet goes in one direction right to the bullseye.
Your marketing strategy should follow this roadmap. Feel free to adjust it depending on your needs, but this is a good overall strategy for any business.
- Nail down your brand message. What do you sell and who do you sell it to? Your brand message should be clearly stated on all social media platforms, email signature block and website.
- Identify your competitors and determine what you like/don’t like about them. What makes you different? Why would someone want to buy from you over anyone else? Incorporate these differences into your messaging.
- Identify TWO lead generation activities that you can be consistent doing.
- One of these should be a face-to-face activity, such as attending a Chamber event or being a part of a membership group.
- One of these should be a digital activity, such as posting and engaging regularly (3-5x/week) on Instagram, TikTok, Facebook or LinkedIn.
- Email your email list at least twice a month. Offer compelling information or sell a product or service through a fun promotion.
- Develop a system to capture new client emails and contact information so you can connect with them regularly. Think about a freebie you could offer in return for someone’s email address.